Green loan speeds race to net zero

16th June 2020 - Grid at work

As we work to help the UK reach its net zero target by 2050, find out how securing a $743m green loan will help us power 1.4 million homes with renewable energy.

We’ve secured a green loan worth $743 million to finance the Viking Link interconnector. This 760 km undersea electricity cable will connect Bicker Fen in Lincolnshire and Revsing in South Jutland, Denmark to enable us to share clean energy. Once complete, it will be able to supply renewable energy to 1.4 million homes, representing a significant step in the UK’s journey to net zero.

This the first ever multi-credit export agency (ECA) covered green loan and follows the launch of our first green bond earlier this year, which raised €500 million to finance UK electricity transmission projects with environmental benefits.

Funding a greener future

Both financings are part of National Grid’s Green Financing Framework. This is a key part of our responsible business strategy, as it funds projects that reduce our carbon footprint, use resources responsibly and protect the natural environment.

This green loan represents another important contribution towards our net zero commitment and it reinforces our strong leadership position in the path to a greener energy landscape.

“Britain’s energy system is in the midst of a rapid and complex transformation. We know we have a critical role in the acceleration towards a cleaner future. This green loan represents another important contribution towards our net zero commitment and it reinforces our strong leadership position in the path to a greener energy landscape,” said Katerina Tsirimpa, Head of Corporate Finance for National Grid.

The Viking Link project is a joint venture between National Grid and Danish system operator Energinet. It’s due to complete in 2023 and will enable more effective use of renewable energy, access to sustainable electricity generation and improved security of supply.

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